Bitcoin Pauses Rally Amid US Labor Data and Solana Upgrade

Bitcoin's recent rally has paused as traders weigh in on upcoming U.S. labor data releases and significant blockchain events. The cryptocurrency fell over 2% in the past 24 hours, with investors reassessing macro risks after last week's Federal Reserve rate hike.

The hawkish move lifted the benchmark target rate to 4%, prompting investors to watch how incoming U.S. data may shape expectations for policy. This week's calendar includes key releases such as nonfarm payrolls and average hourly earnings, which could further impact market sentiment.

Solana is also making headlines with its Alpenglow consensus upgrade activation on September 28, replacing TowerBFT with the Votor protocol to reduce voting transaction costs. Other notable events include token governance votes and supply unlocks by Canton and Falcon Finance.